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Econ Final 2/2

Class Busywork

QuestionAnswer
Business Cycle Natural fluctuation over time of business activity.
Deflation Prolonged decline in price.
Inflation Prolonged raise in price.
Exports Goods sent out of country
GDP Final value of all products and services.
Economoic Indicators Signs of economic ups and downs.
FDIC Federal Deposit Insurance Corporation
Monetary Tools Changing reserve and discount rate
Reserve Requirement Amount banks must keep physically backed up on site.
Monetary Policy Changing the rate of growth or losses in economy.
Social Security Fed program providing monthly payments to the elderly.
Externalities An economic side-affect
WElfare Aid provided to those out of or unable to work.
Fiscal Policy Govt. use of taxes to affect business
Deman Pull Inflation Price rises due to excessive business
Cost Push Inflation Excessive profit drives up price
Comparrative andvantage Producing a product at a lower opportunity cost than a competitor.
Trade Deficit Debt on account of trade.
Specialization Producing products a country is best suited for.
Absolute Advantage A country has all advantages over production of a product.
Oligopoly Industry controlled by a few suppliers.
Ant-trust Laws Laws made to bust trusts during the era of big business.
Channels of Distribution Means by which a good or product is circulated through the conomy.
Utility The satisfaction from a good or service.
Minimum Wage 7.25 The least amount you can legally pay someone.
Aggregate Demand Total quantity of goods and services demanded
Consumer Price Index Measures change in price over time
Transfer Payment Welfare and other supplementary payments.
Depression An economic low point or "trough."
Created by: evzachary1